BNP Paribas to hire 200 for equity derivatives

BNP Paribas is to hire 200 front office staff to its equity derivatives group this year. The planned recruitment programme is double that implemented by the French bank last year.

A BNP Paribas spokesperson said the new recruits will represent a 30% increase in headcount within the French bank's equity derivatives group, and will bring BNP Paribas' total equity derivatives front office staff to 900. In addition the bank employs close to 1,300 equity derivatives support staff.

The move follows successive strong quarterly performances from the group, and the earlier announcement the bank would grow its London-based equity derivatives group by up to a fifth during 2006.

BNP Paribas' investment banking fees rose by 10.4% last year, when strong performance from equity, derivatives and project finance loans drove revenues up 16.3%.